Crude Oil Movement
Crude Oil prices advanced 0.17% against the USD for the 24 hour period ending 23:00GMT, closing at 104.47, as the Energy Information Administration (EIA), in its weekly report, indicated that US crude stockpiles fell 2.6 million barrels for the week ended 6 June 2014. Analysts had expected a drop of 1.2 million barrels in the US crude supplies. Crude prices also advanced after media reports showed that militants from an al Qaeda splinter group advanced into the oil refinery town of Baiji in Iraq after seizing the nation’s second-biggest city, Mosul. Meanwhile, the OPEC, at its meeting in Vienna, reaffirmed its production ceiling of 30.0 million barrels a day while projecting demand for its crude oil at 30.4 million barrels a day in the coming six months.
In the Asian session, at GMT0300, Crude Oil is trading at 104.62, 0.14% higher from yesterday’s close.
Crude oil is expected to find support at 104.26, and a fall through could take it to the next support level of 103.89. Crude oil is expected to find its first resistance at 104.90, and a rise through could take it to the next resistance level of 105.17.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
